AgEagle Aerial Systems Inc. Files Q1 2024 10-Q Report

TL;DR

<b>AgEagle Aerial Systems Inc. filed its Q1 2024 10-Q report</b>, detailing financial data and corporate history.

AI Summary

AgEagle Aerial Systems Inc. (UAVS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. AgEagle Aerial Systems Inc. filed its Q1 2024 10-Q report on May 15, 2024. The report covers the fiscal quarter ending March 31, 2024. The company was formerly known as EnerJex Resources, Inc., MILLENNIUM PLASTICS CORP, and AURORA CORP. AgEagle is incorporated in Nevada with its fiscal year ending December 31. The filing includes data related to preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings for various periods.

Why It Matters

For investors and stakeholders tracking AgEagle Aerial Systems Inc., this filing contains several important signals. This filing provides the latest financial snapshot of AgEagle Aerial Systems Inc. for the first quarter of 2024, crucial for investors assessing the company's performance and financial health. Understanding the historical company names and incorporation details offers context on the company's evolution and corporate structure.

Risk Assessment

Risk Level: low — AgEagle Aerial Systems Inc. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate red flags or significant negative disclosures, indicating a low level of immediate risk based on this document alone.

Analyst Insight

Monitor future filings for revenue growth and profitability trends following this Q1 2024 report.

Key Numbers

• 2024-03-31 — Conformed Period of Report (10-Q filing)
• 2024-05-15 — Filed As Of Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)
• NV — State of Incorporation (Company data)

Key Players & Entities

• AgEagle Aerial Systems Inc. (company) — FILER
• EnerJex Resources, Inc. (company) — FORMER COMPANY
• MILLENNIUM PLASTICS CORP (company) — FORMER COMPANY
• AURORA CORP (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE

FAQ

Industry Context

AgEagle Aerial Systems Inc. operates in the aircraft manufacturing sector, specifically focusing on unmanned aerial systems (drones).

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze any disclosed risk factors or legal proceedings.
3. Compare Q1 2024 financial performance against previous periods and industry benchmarks.

Key Dates

• 2024-05-15: 10-Q Filing — Report for the quarter ended March 31, 2024
• 2024-03-31: Quarter End Date — Financial reporting period
• 2023-12-31: Previous Year End Date — Comparative financial data reference
• 2023-03-31: Prior Year Quarter End Date — Year-over-year comparison reference

Year-Over-Year Comparison

This is the initial Q1 2024 10-Q filing, providing the first look at the company's financial status for the current fiscal year.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share UAVS NYSE American LLC

Filing Documents

• form10-q.htm (10-Q) — 1568KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-019782.txt (&nbsp;) — 8580KB
• uavs-20240331.xsd (EX-101.SCH) — 51KB
• uavs-20240331_cal.xml (EX-101.CAL) — 73KB
• uavs-20240331_def.xml (EX-101.DEF) — 254KB
• uavs-20240331_lab.xml (EX-101.LAB) — 453KB
• uavs-20240331_pre.xml (EX-101.PRE) — 384KB
• form10-q_htm.xml (XML) — 1625KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS: 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 38 PART II OTHER INFORMATION 39 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 39 ITEM 1A.

RISK FACTORS

RISK FACTORS 39 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 39 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 39 ITEM 4. MINE SAFETY DISCLOSURES 39 ITEM 5. OTHER INFORMATION 39 ITEM 6. EXHIBITS 39

SIGNATURES

SIGNATURES 40 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements. AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2024 (unaudited) December 31, 2023 ASSETS CURRENT ASSETS: Cash $ 822,921 $ 819,024 Accounts receivable, net 1,351,355 2,057,546 Inventories, net 6,438,206 6,936,980 Prepaid and other current assets 720,645 548,561 Note receivable — 185,000 Total current assets 9,333,127 10,547,111 Property and equipment, net 666,152 799,892 Right-of-use assets 3,112,824 3,525,406 Intangible assets, net 2,456,592 2,615,281 Goodwill 7,402,644 7,402,644 Other assets 249,768 265,567 Total assets $ 23,221,107 $ 25,155,901 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 2,647,583 $ 3,062,794 Accrued liabilities 1,690,640 1,944,352 Convertible note 4,749,491 4,504,500 Other short-term loan 678,572 — Contract liabilities 349,483 226,316 Current portion of lease liabilities 873,344 901,925 Current portion of COVID loan 310,010 391,545 Total current liabilities 11,299,123 11,031,432 Long-term portion of lease liabilities 2,336,393 2,721,743 Long-term portion of COVID loan 355,215 489,037 Defined benefit plan obligation 177,456 216,133 Total liabilities 14,168,187 14,458,345 COMMITMENTS AND CONTINGENCIES (NOTE 13) - - STOCKHOLDERS' EQUITY: Preferred Stock, $ 0.001 par value, 25,000,000 shares authorized: Preferred Stock, Series F Convertible, $ 0.001 par value, 35,000 shares authorized, 3,945 shares issued and outstanding as of March 31, 2024, and 6,075 shares issued and outstanding as of December 31, 2023 4 6 Preferred Stock, $0.001 par value, 25,000,000 shares authorized: Preferred Stock, Series F Convertible, $0.001 par value, 35,000 shares authorized, 3,945 shares issued and outstanding as of March 31, 2024, and 6,075 shares issued and outstanding as of December 31, 2023 4

View Full Filing

View this 10-Q filing on SEC EDGAR